Insurance in Portugal

Insurance in Portugal

Insurance in Portugal may not be the first thing that comes to your mind whenever the country ie mentioned. There is a tendency of people to focus more on the fascinating things about Portugal such as the gloriously sandy beaches and world-class golf courses. This only means one thing, that insurances unfortunately takes the back banner.

Insurance in Portugal is as good for a foreigner in the country as it is to a Portuguese. The reality is that even with the safety that is in Portugal, so many risks still lurk around. It is only with a reliable insurance cover that you may feel confident, safe and secure.

Having an insurance in Portugal enables one to get compensation in case of a loss. Secondly, in a way, it enhances the distribution of risk instead of it being in just one person. Insurance makes one concentrate on his job without the fear of uncertainty.

During old age, the insurance policies do offer income security. Moreover, during financial requirements, an insurance policy may be mortgaged. In some way, I believe that it promotes a regular saving habit, especially in the case of life insurance.

Health Insurance Portugal

Any individual working and living in Portugal and making contributions to the Portugal social security system is entitled to Portuguese healthcare. The World Health Organization ranks its healthcare as the 25th best out of 89 countries.

The people covered by the Portugal Health Insurance Cover

  • Employees, as well as their dependants, pay seguranca social
  • Retirees get subsidized contributions and prescriptions for additional health
  • Students from EEA, Swiss, and EU get a similar healthcare benefits just like the Portuguese citizens through the European Health Insurance Card
  • EU/EEA citizens: the travelers from Switzerland, European Economic Area, and European Union are covered using European Health Insurance Card. They get the same health services as the local residents.
  • Short-term visitors: the short-term visitors may get health services from the Portugal healthcare system. They pay, but they can also get the services if covered by travel insurance.

Things Covered by the Portuguese public health insurance cover:

  • Medical emergencies
  • Hospital treatment
  • Doctor visits
  • Sick pay
  • Maternity cover
  • Dental treatment
  • Eyecare

Anyone not satisfied with public healthcare can opt for private healthcare. You do not have to be a Portuguese resident. However, you must be legally residing in the country. Taking private insurance is good as it has a high level of care. Also, through it, one does not have to go through the long queues as well as a waiting list.

Unemployment Insurance in Portugal

The Portuguese residents covered with the general social security scheme can claim unemployment benefits in case:

  • Had employment contract but have become unemployed
  • Stopped working involuntarily, especially for the financial dependant who are self-employed
  • Ex recipients of disability pensions
  • Stopped working because of wage arrears

The conditions that must be met include:

  • 360 days of paid employment in the past 24 months before being unemployed
  • Registered as job seekers at the Job Centre (Centro de Emprego)
  • Capable of working as well available for employment
  • Portuguese resident
  • Beneficiaries should be involuntarily unemployed.

Car Insurance in Portugal

As a car owner in Portugal, it is mandatory for you to at least have third-party insurance. The insurance covers the damage caused to the third parties. The things covered include personal property damage, injury costs, and vehicle damage. This insurance is highly recommended when you have a cheap or even old vehicle.

Apart from third-party insurance, the Portuguese insurance market has third-party extra insurance. This type of cover provides some form of protection in your vehicle. The covered items may include theft, fire damage, or storm.

In Portugal, there is also full comprehensive insurance. This type of insurance covers one against all the risks. It covers the third parties’ costs as well as your costs. It does not matter even if the accident is due to your fault. The insurance is highly recommended for expensive and new cars, even if the premiums will be high.

Home Insurance

Do you own a home in Portugal? Then you need to take an insurance cover, even at least home fire insurance. Home insurance is important as it covers the home as well as the things that are inside it. In Portugal, just like the Netherlands,  it is mandatory for any individual who contracts a bank when purchasing a house.

There are different home insurance covers depending on the company. For instance, the buildings and contents cover damage caused to the structure of your home as well as theft of its contents. There is also unoccupancy cover, loss of rent cover, emergency travel cover, and public liability cover.

Factors considered in Deciding the cost of home insurance:

  • Level of insurance coverage
  • Value as well as the condition of the property
  • Size of property
  • Type of property
  • The type of residence (primary or secondary)
  • Property location
  • Personal risk factors, including the claim history

Life Insurance in Portugal

Life insurance is important to Portugal, the same way Latvia residents take it. This insurance is the best for a Portuguese resident as it guarantees the future of your children as well as your family’s future in case of demise. As a young person, it is also a good way of protecting your family against illness or disability which may affect your professional career. In short, it economically prevents the death consequences.

Travel Insurance

Do you want to visit the Portuguese? Then you should take travel insurance. The insurance helps in preventing unforeseen events when traveling. Some of the things that it covers include flight interruption and cancellation. The insurance also covers assistance in case of luggage theft, medical attention, as well as the theft of important travel documents.

Pet Insurance

Having a pet is the best thing for most Portuguese. The reason is that it eases loneliness, improves cardiovascular health, and reduces depression, anxiety, and stress. Even with these, they may fall ill at any time. Unfortunately, at times, one may not have enough money to take them to the veterinarian. Thus, the importance of taking pet insurance. The insurance covers legal protection, burial, pet assistance, online veterinarian, check-up, surgeries, consultations, and liability.

Popular insurance companies in Portugal

  • Abbeygate Insurance Portugal
  • C1 Broker Portugal Insurance Versicherungsmakler
  • Grupo Fidelidade
  • Allianz Portugal, SA
  • Inov Expat Portugal
  • In Portuguese Insurers Association
  • Manuel Cunha & Sofia Oliveira AGENTES DE SEGUROS
  • Bull Insurance-mediação De Seguros Sa